The Indian equity market continues to trade under the shadow of rising geopolitical tensions in the Middle East, which are keeping crude oil prices elevated. Higher energy prices are increasing pressure on India’s import bill and inflation outlook, thereby sustaining a cautious undertone in investor sentiment. Heavy FPI outflows are exerting additional pressure on the local currency, further dampening market confidence. 

On the global front, U.S. markets ended the previous session on a firm note, while South Korea’s Kospi index is trading sharply higher, gaining more than 10%, offering some supportive external cues. However, despite pockets of global strength, domestic sentiment remains fragile and highly sensitive to geopolitical developments. Volatility is therefore expected to remain elevated, with markets likely to trade cautiously and within a defined range until clearer macro signals or any easing in geopolitical tensions emerges.

Nifty 50

The Nifty 50 is currently exhibiting a cautious bias amid recent market volatility. The index is trading near a critical support band of 24,300–24,200, and sustaining above this zone remains essential to avoid a potential decline toward the key psychological level of 24,000. On the upside, immediate resistance is observed around 24,600, followed by a more significant barrier in the 24,900–25,000 range. Technical indicators reflect a weak momentum setup, with the RSI positioned near 30, entering oversold territory, and the MACD continuing in negative terrain. While oversold conditions may provide scope for a technical rebound, a sustained pickup in buying interest is required to confirm a durable recovery in the near term.

Bank Nifty

Bank Nifty is trading just above a crucial demand zone of 58,400–58,000, a range that has previously witnessed strong buying support. A decisive breach below this band may expose the index to further downside toward the 57,500–57,000 levels. On the upside, immediate resistance is observed near 59,000, aligning with the psychological threshold and the 100-day EMA, followed by a more substantial supply zone in the 60,000–60,500 range. A sustained close above 60,500 would be essential to enhance the near-term technical structure and signal a strengthening recovery phase. Momentum indicators continue to suggest underlying softness, with the RSI at 36 drifting toward oversold territory and the MACD holding in negative territory. Although the broader tone remains pressured, an improvement in price action accompanied by sustained buying interest could pave the way for a technical rebound from current levels.